Court Throws Guptas A Lifeline By Ordering Bank Of Baroda To Keep Their Accounts Open

But the order only keeps the accounts open for now, pending a final application that must be launched in 15 days.

Fin24

Danish Siddiqui / Reuters

Bank of Baroda headquarters in Mumbai, India.

The Pretoria high court may have thrown the Gupta family a lifeline on Monday when it ordered Indian state-owned Bank of Baroda to keep the existing accounts of Gupta-linked companies with the bank open, according to Fin24.

But the order only keeps the Gupta accounts open for now, pending a final application that must be launched within 15 days.

The Gupta-owned companies submitted the application after the India-based bank gave the companies until the end of September to remove the money from their accounts.

Siphiwe Sibeko / Reuters
A general view of the Sahara computers headquarters, owned by the Gupta family, is seen in Midrand, Johannesburg, South Africa, April 14, 2016. REUTERS/Siphiwe Sibeko

Many of the businesses are having financial problems, such as being unable to pay employees and conduct business. Judge Tati Makgoka on Monday granted an interdict against the bank from deactivating or closing the banking accounts.

In addition, Oakbay sold its media assets, broadcaster ANN7 and "The New Age" newspaper to Lodidox, which Mzwanele Manyi owns. Lodidox bought ANN7 (Infinity Media) for R300 million and "The New Age" (TNA Media) for R150 million.